Allspring Global Investments Holdings LLC Lowers Position in ServiceTitan Inc. $TTAN

Allspring Global Investments Holdings LLC lowered its position in shares of ServiceTitan Inc. (NASDAQ:TTAN) by 85.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 45,300 shares of the company’s stock after selling 276,515 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in ServiceTitan were worth $2,875,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the business. Vanguard Group Inc. grew its stake in shares of ServiceTitan by 9.9% in the fourth quarter. Vanguard Group Inc. now owns 4,869,009 shares of the company’s stock worth $518,549,000 after acquiring an additional 439,079 shares during the last quarter. Renaissance Capital LLC raised its holdings in ServiceTitan by 222.8% in the fourth quarter. Renaissance Capital LLC now owns 41,223 shares of the company’s stock worth $4,390,000 after buying an additional 28,454 shares during the last quarter. Zevenbergen Capital Investments LLC bought a new position in shares of ServiceTitan in the fourth quarter worth approximately $4,281,000. Comerica Bank grew its holdings in shares of ServiceTitan by 372.3% during the fourth quarter. Comerica Bank now owns 26,513 shares of the company’s stock valued at $2,824,000 after buying an additional 20,899 shares during the last quarter. Finally, Robeco Schweiz AG increased its position in shares of ServiceTitan by 35.3% during the fourth quarter. Robeco Schweiz AG now owns 83,200 shares of the company’s stock valued at $8,861,000 after acquiring an additional 21,700 shares in the last quarter.

Insiders Place Their Bets

In other news, CAO Michele O’connor sold 10,000 shares of the stock in a transaction on Tuesday, June 9th. The shares were sold at an average price of $69.14, for a total value of $691,400.00. Following the completion of the sale, the chief accounting officer directly owned 81,890 shares of the company’s stock, valued at $5,661,874.60. This represents a 10.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Iconiq Strategic Partners V, L sold 94,415 shares of the company’s stock in a transaction on Tuesday, June 23rd. The stock was sold at an average price of $63.43, for a total transaction of $5,988,743.45. Following the completion of the transaction, the insider directly owned 443,221 shares of the company’s stock, valued at $28,113,508.03. This represents a 17.56% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 296,664 shares of company stock valued at $19,958,797. Insiders own 39.89% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have commented on TTAN shares. BMO Capital Markets lifted their target price on ServiceTitan from $92.00 to $103.00 and gave the stock an “outperform” rating in a report on Friday, June 5th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of ServiceTitan in a report on Tuesday. Needham & Company LLC reiterated a “buy” rating and issued a $100.00 price target on shares of ServiceTitan in a research note on Wednesday, June 17th. Truist Financial reissued a “buy” rating and set a $110.00 price objective (up from $100.00) on shares of ServiceTitan in a report on Friday, June 5th. Finally, Morgan Stanley raised their target price on shares of ServiceTitan from $118.00 to $124.00 and gave the stock an “overweight” rating in a report on Friday, June 5th. Fifteen equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $110.53.

ServiceTitan Stock Performance

NASDAQ:TTAN opened at $70.48 on Friday. The stock has a 50-day simple moving average of $70.67 and a two-hundred day simple moving average of $71.26. ServiceTitan Inc. has a 52-week low of $54.17 and a 52-week high of $119.99. The firm has a market capitalization of $6.72 billion, a PE ratio of -48.61 and a beta of 0.13.

ServiceTitan (NASDAQ:TTAN) last posted its quarterly earnings data on Thursday, June 4th. The company reported $0.37 earnings per share for the quarter, beating analysts’ consensus estimates of $0.28 by $0.09. ServiceTitan had a negative return on equity of 5.59% and a negative net margin of 13.44%.The firm had revenue of $268.82 million for the quarter, compared to analysts’ expectations of $257.40 million. During the same period in the previous year, the firm earned $0.18 EPS. The business’s quarterly revenue was up 24.6% on a year-over-year basis. Equities analysts forecast that ServiceTitan Inc. will post -0.54 earnings per share for the current fiscal year.

ServiceTitan Company Profile

ServiceTitan, Inc (NASDAQ: TTAN) is a cloud-based software provider specializing in end-to-end business management solutions for residential and commercial trade contractors. The company’s platform integrates customer relationship management, scheduling and dispatch, mobile workforce management, invoicing, payments and reporting tools into a single suite. By automating key back-office processes, ServiceTitan helps field service businesses improve operational efficiency, enhance customer experience and drive revenue growth.

At the core of ServiceTitan’s offering is a mobile application that allows technicians to access job details, update work orders, capture signatures and process payments from the field.